Pricing is the odd one out of the marketing mix. While all other elements of marketing ââ¬â product, promotion, and place ââ¬â have costs associated with them, price is the revenue earner. Price is what we'll get back in return for all of our effort in manufacturing and marketing our backpack. I suggest you start by taking a cost-based pricing approach. After all, no matter how good our product or how strong a marketing campaign, unless our price covers costs, the company is going to take a loss.